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The Real Deal NYC

Clocking in: Justworks eyeing large relocation Downtown

HR tech firm Justworks is moving downtown. The startup, which provides administrative- and benefits-services to employers, is in talks to take about 275,000 square feet at 55 Water Street, Crain’s reported. The firm will be relocating from RXR Realty and the Blackstone Group’s Starrett-Lehigh Building in Chelsea, where it subleases 60,000 square feet from Tommy Hilfiger. The move is set to give Justworks more than four times as much office space as it currently occupies. […]

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HK Org, Brickman look to sell Clinton Hill apartment building near the Navy Yard

The brand new Dock72 building at the Brooklyn Navy Yard is set to open this summer, bringing with it a slice of the 10,000 jobs the former ship yard is expected to add by next year. Now, the owners of a former Tootsie Roll factory turned loft-apartment building nearby are looking to cash in on what they think will be a wave of demand from Navy Yard workers. The HK Organization and Brickman Real Estate […]

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Robert Durst faces another lawsuit over the disappearance of his first wife

Robert Durst killed his first wife and used his family to cover it up, a new Manhattan lawsuit alleges. The wrongful death complaint says that Durst’s wife Kathie sought to expose illegal business the family’s real estate company had been involved with. That led Seymour Durst, his wealthy father, to warn that his son’s wife “was a threat to the family’s business and directed Durst to take care of this problem,” the New York Post […]

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New tool compares instant bids for homes from Redfin, Zillow and other iBuyers

Zavvie, a local information publishing platform, is launching a tool called Offer Optimizer, which allows homeowners to compare offers for their properties from so-called iBuyers. Offer Optimizer compares offers from Offerpad, Opendoor, Redfin Now and Zillow Offers, which are known as iBuyers, or instant home buyers, because they provide instant all-cash offers for homes based on proprietary valuation models. Companies operating as iBuyers acquire homes in all-cash transactions that close quickly, and they often perform […]

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Miami-based firm enters California market with $85.7M Marriott hotel acquistion

Miami-based Driftwood Acquisitions and Development entered the California market by acquiring a Marriott hotel in San Diego for $85.7 million. Driftwood paid just under $243,000 per key for the 353-key Marriott Mission Valley and plans to develop a second hotel on the same site. The Miami-based firm is soliciting accredited investors to co-invest in the San Diego hotel. Driftwood acquires hotels with its own capital and installs new management, then invites clients to co-invest at […]

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Mortgage interest rates dropped last week and may stay down for months

Interest rates on 30-year, fixed-rate mortgage loans fell last week and may stay down for months or even longer if global economic growth remains slow. Mortgage News Daily reported that the average mortgage lender is offering an interest rate ranging from 4.125 to 4.25 percent, and aggressive lenders are offering 3.875 percent to the most creditworthy borrowers. The average fixed rate on a 30-year mortgage was 4.4 percent prior to the Federal Reserve’s announcement last […]

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Brazil’s biggest state-owned bank plans to sell real estate assets to repay public debt

Under new management, the biggest state-owned bank in Brazil plans to restructure itself by selling distressed real estate and equity stakes in subsidiaries. Chief executive officer Pedro Guimaraes is overseeing the planned asset sales by Caixa Economica Federal to repay perpetual bonds issued by the Brazilian government that total approximately 40 billion reais ($11 billion). Caixa has assets valued at 1.3 trillion reais, and all extraordinary gains from asset sales “will be used to repay […]

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When snow is a no-show: Climate change threatens ski resorts, nearby home values

Ample snow in the western United States has produced one of the best seasons in years for skiers. But climate change is making seasons like this one increasingly uncommon – a threat to the value of ski resorts and nearby homes. The amount of snow in western states has declined by an average of 41 percent since the early 1980s, according to research just published in a journal called Geophysical Research Letters. That trend has […]

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Living (too) large: Aging baby boomers struggle to sell sprawling Sunbelt homes

Older owners of large homes throughout the Sunbelt are struggling to sell them. Many baby boomers spent heavily to retire in jumbo-size houses in such Sunbelt states as Arizona, Florida and South Carolina. But as these sprawling houses cease to meet the needs of their aging owners, finding buyers has become problematic. Since the early 2000s, buyers increasingly have favored smaller houses with modern designs to large, elaborately detailed houses, and many prefer to live […]

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Automated retail arms race gets more crowded with new app

Amazon Go has a new competitor in grocery chain Meijer, which rolled out a new app this month letting shoppers scan items on their phones and breeze past the cashier on their way out. Shoppers at 23 Chicago-area stores where the app is accepted still have to stop by a kiosk to review their order, but they don’t need to take any items out of the cart when they get there, according to the Chicago […]

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